Tracking Coromandel…
company posted good q1 earnings…
A formation is on the way, hard to tell from this if this is accumulation or redistribution , at least now…
what ever it is, we are in phase b…
the volume of the swing which led to the prelim support was massive 5.4million
buying started there with 1.7m shares, such a volume of buying was seen again in th ecurrent rally with 1.8million shares … mean while after the pre support, the selling climax happened in ridiculously low volumes , why i still call it a climax is there was stark change in character in the price action and a good upswing occurred on just 2lakh share transaction… which means, the sellers didnt show up and the price moved on the ask of the buyers… sp essentially here the conclusion… the downtrend ends…
now the game of wyckoffians starts…
a huge shakeout with impressive volumes of 1.6million share transaction …
i am quite sure this is the operators manipulating and scaring the retail and making them sell…
specially because, the next upswing was damn clean with low volumes… again sellers dont show up on this upswing…
hint of smart money accumulating the shares from the retail…
then another shake out done, on half the volume of the previous shakeout…
but this time… the upswing, has a different character, slow, slurred and spectacular volumes…
some one is selling again, specially in the mid of the rally…
post shakeout , the sellers are always the manipulators…
[shakeout stands for shakeout of the weak hands ie the retail ]
which to me, seem like they are testing supply levels already within the uptrend
reduces the possibility of another forced shakeout…
and more so because the its clear that the first sell off on 1.6m n the second is 0.9m, so definitely with that action, they have already taken the shares form the retail hands…
so now, to me looks like the need for phase C is less…
as enough of retail scaring has been done in phase b itself, and we sud be moving on to phase d where the last point of support is to form…
the 414 region is what i am watching…
anyways, lets see, how the market unfolds now…
disclaimer… planning to make entry if the price action validates a phase d…